Obama reaches out to Romney with lunch at White House today

President Barack Obama will host former political rival Mitt Romney for a private lunch at the White House on Thursday, fulfilling his victory speech promise to engage with the Republican and consider his ideas.

The White House announced the event Wednesday, in a statement. The lunch will take place in the Private Dining Room, next to the Oval Office in the West Wing, the White House said.

The statement added, "There will be no press coverage of the meeting."

One topic of discussion may be the looming "fiscal cliff,'' the combination of expiring tax breaks and deep spending cuts that will take effect January 1 if Obama and a divided Congress can't reach a deal to avoid it.

The economic impact has been estimated at more than $670 billion for next year alone, and it threatens to send the US back into recession.

Another topic of discussion at Thursday's lunch could be Romney's idea to raise money instead by capping taxpayers' deductions. He floated the idea during his campaign.

The President's aides said they reached out to Romney's team shortly before last week's Thanksgiving holiday about a meeting.

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